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Q1. Assume you are 25 years old today. If you wish to have saved $500,000 by the time you retire at age 65 (in 40
Q1. Assume you are 25 years old today. If you wish to have saved $500,000 by the time you retire at age 65 (in 40 years), what monthly deposit must you make into your investment account assuming it will earn a fixed-rate return of 6.5%? Place the appropriate values in the proper cells in row 3, given the columns as provided below. Note, where relevant, present value answers should be shown as a negative number. Circle the answer. Provide the EXACT Excel function that solves the problem in the space below using cell references throughout. You must use a PENCIL! Row Number Column Letter D A B 1 Q1. E F Write problem type here. PMT m #Yrs ARate 2 3 PV FV EXACT EXCEL FUNCTION
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